<p>大卫·伊本说得好：‘波动性不是我们关心的风险。我们关心的是避免资本的永久性损失。’ 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们注意到 <strong>金德尔摩根公司</strong> (NYSE:KMI) 的资产负债表上确实有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<h2>为什么债务带来风险？</h2>
<p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资本还是依靠自身的现金流。如果情况变得非常糟糕，贷款方可能会控制企业。然而，更常见（但仍然痛苦）的情况是，公司不得不以低价筹集新的股本，从而永久性稀释股东的权益。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们考虑一家公司的债务使用时，我们首先会将现金和债务结合起来看。</p>
<h2>金德尔摩根的净债务是多少？</h2>
<p>正如您在下面看到的，截止到 2025 年 6 月，金德尔摩根的债务为 328 亿美元，与前一年大致相同。您可以点击图表以获取更多详细信息。并且它的现金不多，因此其净债务大致相同。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/34952431-debt-equity-history-analysis-1-dark-2/1755432441789?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/34952431-debt-equity-history-analysis-1-dark-2/1755432441789"/></p>
<p>NYSE:KMI 债务与股本历史 2025 年 8 月 17 日</p>
<h2>看看金德尔摩根的负债情况</h2>
<p>深入查看最新的资产负债表数据，我们可以看到金德尔摩根在 12 个月内有 36.3 亿美元的负债，以及超过 36.7 亿美元的长期负债。另一方面，它有 8700 万美元的现金和 14.5 亿美元的应收账款。因此，其负债超过现金和（短期）应收账款总和的 38.8 亿美元。</p>
<p>即使相对于其 593 亿美元的庞大市值，这也是一座巨大的杠杆山。如果贷款方要求其加强资产负债表，股东可能会面临严重的稀释。</p>
<p>查看我们对金德尔摩根的最新分析</p>
<p>我们通过查看公司的净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力，来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
<p>虽然金德尔摩根的净债务与 EBITDA 的比率（4.9）表明它使用了一些债务，但其利息覆盖率非常低，仅为 2.4，表明杠杆率较高。因此，股东应该意识到，利息支出似乎最近对业务产生了真正的影响。值得注意的是，金德尔摩根的 EBIT 在过去一年中几乎持平，这在考虑债务负担时并不理想。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，业务的未来盈利能力将决定金德尔摩根是否能够随着时间的推移加强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
<p>最后，一家企业需要自由现金流来偿还债务；会计利润根本不够。因此，值得检查一下 EBIT 中有多少是由自由现金流支持的。在过去三年中，金德尔摩根产生了相当可观的自由现金流，占其 EBIT 的 54%，这大约是我们所期望的。这种自由现金流使公司在适当的时候能够很好地偿还债务。</p>
<h2>我们的看法</h2>
<p>虽然金德尔摩根的利息覆盖率让我们对其持谨慎态度，但基于其 EBITDA 的债务管理记录也并不理想。至少，其 EBIT 转化为自由现金流的能力让我们有理由保持乐观。综合上述因素，我们确实认为金德尔摩根的债务对业务构成了一些风险。虽然这些债务可以提升回报，但我们认为公司现在的杠杆水平已经足够。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。然而，并非所有的投资风险都存在于资产负债表中——远非如此。例如，我们发现了 <strong>金德尔摩根的 2 个警告信号</strong>，在您投资之前应该注意。</p>
<p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的净现金增长企业名单。</p>

金德尔摩根

<p>金德尔摩根（NYSE:KMI）负债累累，总额达到 328 亿美元，这引发了对其财务风险的担忧。公司的负债超过其现金和应收款项 388 亿美元，显示出高杠杆水平。其债务与息税折旧摊销前利润（EBITDA）比率为 4.9，而利息覆盖率较弱，仅为 2.4，表明在管理利息支出方面面临挑战。尽管产生的自由现金流相当于息税前利润（EBIT）的 54%，但整体债务水平对业务构成风险。投资者应保持谨慎，并考虑如果贷款方要求改善资产负债表，可能会导致的稀释风险</p>

<p>David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that <strong>Kinder Morgan, Inc.</strong> (NYSE:KMI) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>大卫·伊本说得好：‘波动性不是我们关心的风险。我们关心的是避免资本的永久性损失。’ 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们注意到 <strong>金德尔摩根公司</strong> (NYSE:KMI) 的资产负债表上确实有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><h2>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>为什么债务带来风险？</h2>
</div><p>Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资本还是依靠自身的现金流。如果情况变得非常糟糕，贷款方可能会控制企业。然而，更常见（但仍然痛苦）的情况是，公司不得不以低价筹集新的股本，从而永久性稀释股东的权益。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们考虑一家公司的债务使用时，我们首先会将现金和债务结合起来看。</p>
</div><h2>What Is Kinder Morgan's Net Debt?</h2>
<div class="lb-trans"><h2>金德尔摩根的净债务是多少？</h2>
</div><p>As you can see below, Kinder Morgan had US$32.8b of debt, at June 2025, which is about the same as the year before. You can click the chart for greater detail. And it doesn't have much cash, so its net debt is about the same.</p>
<div class="lb-trans"><p>正如您在下面看到的，截止到 2025 年 6 月，金德尔摩根的债务为 328 亿美元，与前一年大致相同。您可以点击图表以获取更多详细信息。并且它的现金不多，因此其净债务大致相同。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/34952431-debt-equity-history-analysis-1-dark-2/1755432441789" alt="" original-src="https://images.simplywall.st/asset/chart/34952431-debt-equity-history-analysis-1-dark-2/1755432441789"/></p>
<p>NYSE:KMI Debt to Equity History August 17th 2025</p>
<div class="lb-trans"><p>NYSE:KMI 债务与股本历史 2025 年 8 月 17 日</p>
</div><h2>A Look At Kinder Morgan's Liabilities</h2>
<div class="lb-trans"><h2>看看金德尔摩根的负债情况</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that Kinder Morgan had liabilities of US$3.63b due within 12 months and liabilities of US$36.7b due beyond that. On the other hand, it had cash of US$87.0m and US$1.45b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$38.8b.</p>
<div class="lb-trans"><p>深入查看最新的资产负债表数据，我们可以看到金德尔摩根在 12 个月内有 36.3 亿美元的负债，以及超过 36.7 亿美元的长期负债。另一方面，它有 8700 万美元的现金和 14.5 亿美元的应收账款。因此，其负债超过现金和（短期）应收账款总和的 38.8 亿美元。</p>
</div><p>This is a mountain of leverage even relative to its gargantuan market capitalization of US$59.3b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.</p>
<div class="lb-trans"><p>即使相对于其 593 亿美元的庞大市值，这也是一座巨大的杠杆山。如果贷款方要求其加强资产负债表，股东可能会面临严重的稀释。</p>
</div><p>Check out our latest analysis for Kinder Morgan</p>
<div class="lb-trans"><p>查看我们对金德尔摩根的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).</p>
<div class="lb-trans"><p>我们通过查看公司的净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力，来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
</div><p>While Kinder Morgan's debt to EBITDA ratio (4.9) suggests that it uses some debt, its interest cover is very weak, at 2.4, suggesting high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Notably, Kinder Morgan's EBIT was pretty flat over the last year, which isn't ideal given the debt load. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Kinder Morgan can strengthen its balance sheet over time. So if you're focused on the future you can check out this <strong>free</strong> report showing analyst profit forecasts.</p>
<div class="lb-trans"><p>虽然金德尔摩根的净债务与 EBITDA 的比率（4.9）表明它使用了一些债务，但其利息覆盖率非常低，仅为 2.4，表明杠杆率较高。因此，股东应该意识到，利息支出似乎最近对业务产生了真正的影响。值得注意的是，金德尔摩根的 EBIT 在过去一年中几乎持平，这在考虑债务负担时并不理想。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，业务的未来盈利能力将决定金德尔摩根是否能够随着时间的推移加强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
</div><p>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Kinder Morgan produced sturdy free cash flow equating to 54% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.</p>
<div class="lb-trans"><p>最后，一家企业需要自由现金流来偿还债务；会计利润根本不够。因此，值得检查一下 EBIT 中有多少是由自由现金流支持的。在过去三年中，金德尔摩根产生了相当可观的自由现金流，占其 EBIT 的 54%，这大约是我们所期望的。这种自由现金流使公司在适当的时候能够很好地偿还债务。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>While Kinder Morgan's interest cover makes us cautious about it, its track record of managing its debt, based on its EBITDA, is no better. At least its conversion of EBIT to free cash flow gives us reason to be optimistic. Taking the abovementioned factors together we do think Kinder Morgan's debt poses some risks to the business. While that debt can boost returns, we think the company has enough leverage now. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered <strong>2 warning signs for Kinder Morgan</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>虽然金德尔摩根的利息覆盖率让我们对其持谨慎态度，但基于其 EBITDA 的债务管理记录也并不理想。至少，其 EBIT 转化为自由现金流的能力让我们有理由保持乐观。综合上述因素，我们确实认为金德尔摩根的债务对业务构成了一些风险。虽然这些债务可以提升回报，但我们认为公司现在的杠杆水平已经足够。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。然而，并非所有的投资风险都存在于资产负债表中——远非如此。例如，我们发现了 <strong>金德尔摩根的 2 个警告信号</strong>，在您投资之前应该注意。</p>
</div><p>If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this <strong>free</strong> list of growing businesses that have net cash on the balance sheet.</p>
<div class="lb-trans"><p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的净现金增长企业名单。</p>
</div>

金德尔摩根（NYSE:KMI）在使用债务时承担了一定的风险